Cost of moving drops but buyers still need £14,000 – reallymoving research

The latest reallymoving research into the cost of moving shows that the amount has dropped but buyers still need £14,000.

Falling Stamp Duty and survey fees have pushed down the cost of moving.

Comparison website reallymoving analyses the cost of moving home each year, taking account of agency fees, conveyancing, removals, Stamp Duty and surveys.

Its latest analysis shows the cost of moving home in England has fallen by 12% from £16,440 in 2022 to £14,458 in 2023.

This is based on analysis of more than 350,000 quotes for home move services made through its website.

Despite below-inflation increases in the cost of conveyancing, estate agency fees and removals, a significant fall in Stamp Duty bills means a home move is now £2,000 cheaper than in 2022.

Following an increase in the Stamp Duty threshold announced last autumn, movers who are buying and selling at the same time now pay no tax on the first £250,000 of their purchase price, compared with £125,000 previously. Based on the median property purchase price in England, Stamp Duty bills have fallen 26% from £8,750 to £6,500. 

As transaction volumes have decreased, the cost of a Level 2 Survey (Homebuyer Report) has become more competitive, falling by 6% to £480. But homeowners have seen the cost of conveyancing rise by 2% annually to £2,038 including Land Registry fees, while the cost of removals has risen by 8% to £699, based on a move of less than 30 miles. 

Estate agent fees, remaining at 1.42% on average, have also risen by 5% to £4,686 based on an annual increase in the median sale price, according to the research.

Despite lower overall costs for those buying and selling a property at the same time, moving home still swallows up 45% of the average annual salary in Great Britain according to earnings data from the Office for National Statistics, reallymoving said.

Rob Houghton, chief executive of reallymoving, said:

“Amid high inflation, a significant annual fall in the upfront costs required to fund a home move will be welcome news.

“But the cost-of-living crisis and higher mortgage rates has made it harder to save and homeowners still need to find almost £14,500 in cash, which is extremely challenging.

“It’s not always possible to choose your moving date, especially if you’re in a chain, but moving mid-week and during quieter periods of the year can help bring costs down.

“Removals firms are quietest on Tuesdays and the fewest home moves take place during January and February, meaning it can be easier to secure a better deal while there’s reduced competition for services.”

Kindly shared by Estate Agent Today